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DESTIN, FL-Legendary Inc., a locally based developer, has obtained slightly more than $162 million in financing for construction of the Emerald Grande at HarborWalk Village. Emerald Grande will contain 281 residential condo units in one four-story and two 13-story buildings.

The residential units will be sold in a mix of whole and fractional, or time share, ownership. HarborWalk is located along a 1,460-foot stretch of the city’s harbor and is designed to replicate a small fishing village. It will include a 200,000-sf retail component along with a 1,700-vehicle parking garage.

Howard Taft, managing director in the Miami office of Chicago-based Cohen Financial, arranged the funding from an undisclosed lender, described only as “a prominent finance company.” A spokesman for Cohen Financial tells GlobeSt.com the loan is for a 27-month term at an interest rate of one month plus Libor and that it represents a 70% loan-to-cost ratio. That would put Legendary’s construction cost at a bit above $231 million. Calls to Legendary were not returned by press time.

Legendary, headed by Peter Bos, recently completed Destin Commons, a regional lifestyle shopping center here in partnership with Aventura-based Turnberry Associates. It also developed Regatta Bay Golf & Country Club, a residential golf community on nearby Choctawhatchee Bay.

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